September’s Jobs Report Is Grim
The Department of Labor Statistic’s September report on employment heightened concerns about an economy tipping into a recession. In September, the economy lost 159,000 jobs while the employment rate held constant at 6.1 percent. September is the 10th straight month of the private labor market contracting. This jobs report is not surprising in light of the overall downturn of the economy. The economy is slipping off the edge and could be headed into another recession. The government should not enact legislation that does little to support the economy, like the elements of the second proposed stimulus bill. The government should also be careful in creating a lot of burdensome regulation that will restrict growth when the economy does turn around.